China Gave Out $40 Million In Digital Yuan To Boost Adoption

China gave out $40 million in digital yuan in red envelopes in order to boost adoption as we can see more in our latest cryptocurrency news today.

China has the world’s most advanced digital currency initiative and distributed more than $40 million in red envelopes with digital yuan inside as a way to boost adoption. The CBDCs promotional effort is now focusing on five main cities with regional development in mind. The experimental implementation of the digital RMB as the central digital currency issued by the Central bank of China is going ahead fast in China. The project is now in its eight-year of development including large-scale experiments on the mainland and cross-border tests with Hong Kong, despite having this project announced in 2014.

The “red envelope” campaign was created to get the digital yuan in the hands of Chinese consumers and it is growing in popularity. According to research by the Tuoluo Research institute, the amount of money transferred to the Chinese residents in digital RMB red envelopes hit 269 million yuan or $41.5 million. Red envelopes are small packets with money that are presented to children most often or friends and family as good luck wishes in Chinese custom. In China, the color red is associated with happiness and well-being. The article published by crypto news outlet 8BTC disclosed that the governemnt is concentrating its efforts on five major cities like Beijing, Chengdu, Shenzhen, Suzhou, and Shanghai. Authorities issued 230 million Chinese yuan in red envelopes with digital RMB at the start when China gave out the envelopes.

The central governemnt is taking regional development objectives into account and the extent of promotion is accelerating outwards according to the reports. For example, the digital RMB program in Beijing launched a lottery to distribute 40 million digital yuan is now centered on the 2018 winter Olympic games. In the Chinese capital, two pilots made huge progress and selected merchants in the Wangfujing business district and online marketplace JD.com which started accepting crypto payments. The second trial project will concentrate on the 2020 Beijing Winter Olympics’ food, transit, travel, and info services.

In the meantime, Shenzhen which is China’s industrial and financial center dispersed 60 million yuan in digital RMB red envelopes which gradually expanded to include government services like education, transportation, and medical care. Chengdu distributed 40 million in yuan to attract mroe than 11 retailers.